Mario Draghi is waiting for Spain to get back to him on whether his plan to save the euro is needed.

One month after the European Central Bank president unveiled an unprecedented bond purchase program to rescue Europe's embattled southern fringe, Spanish Prime Minister Mariano Rajoy is showing reluctance to ask for the aid he pushed for with Italy on concern about the terms attached to it. As ECB policy makers meet in Slovenia today, Spanish two-year note yields are more than 50 basis points higher than the five-month low touched on Sept. 7, the day following their last decision.

"We're back at this game of brinkmanship between the ECB and governments again, and it's a case of who makes some concessions first," said Nick Matthews, senior European economist at Nomura International Plc in London. "The markets will continue to play a significant role here and Draghi needs them to turn up the pressure."